Pennsylvania Department of Transportation (PennDOT) and Bridging Pennsylvania Partners have reached financial close on the first package of the Major Bridge P3 Program.The consortium comprising Macquarie Capital and S&B USA Concessions will now commence the design and construction on six bridges in critical need of replacement across the Commonwealth of Pennsylvania. The BPP consortium will design, build, finance, and maintain the bridges as well as related roadway and supporting infrastructure, which will be delivered under an availability-based P3 structure.The bridges are I-81 Susquehanna, I-80 Nescopeck Creek, I-78 Lenhartsville, I-80 Lehigh River, I-80 Canoe Creek and I-80 North Fork.Design and construction of the work will be undertaken by a joint venture consisting of S&B USA Construction and FCC Construction. Work is scheduled to begin in September 2023 and be completed between September 2027 to June 2028.The financing included a mix of equity and debt. The project sponsors will contribute $202 million in equity and raised $1.8 billion in private activity bonds (PABs). The complex financing for the Project used bond insurance - Assured Guaranty provided a municipal bond insurance for some series of the bonds - and investment grade ratings of Baa2 / BBB- from Moody’s and Fitch, which resulted in over $10.5bn of orders (6.1x subscribed).